Why This 70-Year-Old Woman Lives in Her Car

A Stark Look at America’s Senior Housing Crisis

Please watch the video below.

Table of Contents

This 70-year-old woman lives in her car because her rent got too expensive. Even though she used to have a very good job in tech and made good money, she didn’t save enough.

After 2020, her rent increased so much that she could no longer afford to live in her apartment. Unfortunately, this is happening to way too many older adults.

She tried moving to cheaper places, but it was hard, and these cheaper places were often unsafe. Now, she’s living in her car to save money and pay off some debt.

Almost one-third of households run by seniors spend more than 30% of their money on housing, which is too much.

The “30% rule” is a widely accepted guideline in personal finance that suggests households should spend no more than 30% of their gross income on housing costs.

Spending more than this threshold is often considered excessive because it can jeopardize financial stability.

Why Housing is So Unaffordable For Many Seniors

The reasons so many people are spending over 30% of their income on housing are because:

Rents are going up fast, but many seniors have fixed incomes that don’t increase at all or at the same rate.
There aren’t enough affordable homes for seniors
Some seniors didn’t save enough money when they were younger.
The cost of living, including food and healthcare, is increasing.

Some Possible Solutions:

More affordable housing: The government could help build more low-cost apartments for seniors.
Rent help: Programs like Section 8 vouchers can help seniors pay rent.
Senior-only communities: Some places offer cheaper housing just for older adults.
Better planning: People should try to save more money before they retire.
Shared housing: Some seniors are choosing to live with roommates to split costs.

The problem of seniors losing their homes and apartments is reaching a critical stage. The baby boomers are entering older age at a time when we are having a historic affordable housing shortage and rising wealth inequality in the U.S.